US opens anti-dumping probe on $2 bln in steel imports

WASHINGTON - Agence France-Presse

REUTERS photo

The U.S. Commerce Department launched a probe on Sept. 2 into alleged dumping by several foreign steel producers accused of undercutting America’s domestic industry.

U.S. officials said seven nations were involved in underpricing some $2 billion worth of steel: Australia, Brazil, South Korea, the Netherlands, Britain, Japan and Turkey.

Japanese producers were selling hot-rolled steel flat products into the United States at 16 percent under the market prices while producers from Turkey discounted their steel by one-third.

South Korea is the largest supplier of cold-rolled flat steel to the United States, exporting $678.8 million worth last year.

The probe was brought on behalf of major US steel producers who have been hit with competition from cheaper imports as the global steel industry endures a supply glut, mainly due to China’s downturn.

The Commerce Department said it would reach a preliminary determination on the probe by September 25, and could set anti-dumping and anti-subsidy duties beginning as early as November.